The Babylon Bitcoin staking protocol is unlocking the power of Bitcoin for crypto builders globally. Babylon enhances security and creates a new use-case for BTC, enabling its use in DeFi ecosystems on Bitcoin-Secured Networks (BSNs).
Corn announced today that it has committed to become one of the first Bitcoin Secured Networks.
Bitcoin Secured Networks will not only leverage Bitcoin’s robust security but also attract BTC holders as users and liquidity providers through LSTs. This approach seamlessly integrates security with liquidity acquisition, enhancing the overall ecosystem for both networks and participants.
What is Corn?
Corn is a network dedicated to BTC. Founded by experienced DeFi builders and backed by top investors, like Polychain and Binance Labs, Corn has already attracted over $420 million in digital assets, of which 87% comes in the form of LSTs that utilize Babylon.
Corn describes its approach as a unique design thanks to its hybrid tokenized Bitcoin, BTCN, which not only serves as the network’s gas token but also returns network rewards to its users and protocols. Aligning all participants on the network through its popCORN infrastructure, users of any app or protocol can also receive native CORN emissions which are directed by Corn stakers. Corn is adopting Bitcoin security through the Babylon protocol’s Forkless Rollup architecture.
Babylon: Supporting Corn and Future BSNs
Babylon Labs, a developer of the Babylon Bitcoin staking protocol, tallies points for BTC holders that stake their bitcoin using the protocol. Until now, points were only associated with bitcoin wallet addresses that staked bitcoin using the protocol. Starting today, because Corn has committed to being a Bitcoin-Secured Network, Babylon points will be tallied for eligible LSTs on Corn up to a maximum of 3,123,900 points: 69,420 points a day for 45 days. This presents the first opportunity for points other than through direct Bitcoin staking using the Babylon Bitcoin staking protocol.
Eligible LSTs are those which have the underlying BTC staked on Babylon. To date, the following LSTs* meet the requirements:
Lombard: LBTC
Solve: SolvBTC.BBN
Bedrock: UniBTC
PumpBTC
Lorenzo: stBTC
Acorn: aBTC
pSTAKE: yBTC
Kinza
Chakra
Babypie
* some may not yet be available on Corn at the time of this announcement.
Legal Note - Points: Points are not available in certain jurisdictions, including the United States. Babylon points are not, and may never convert to, accrue to, be used as basis to calculate, or become any tokens or other digital assets. Points are virtual items with no monetary value. Points do not constitute any currency or property of any type and are not redeemable, refundable, or eligible for any fiat or virtual currency or anything else of value. Points are not transferable, and you may not attempt to sell, trade, or transfer any points, or obtain any manner of credit using any points. Any attempt to sell, trade, or transfer any points will be null and void. We reserve the right to cancel, change, discontinue, limit, modify, or withdraw our points program (including the frequency, criteria, calculation or eligibility for earning such points), at any time with or without notice and regardless of any particular accumulation of points. Fraudulent, abusive, or manipulative activities, such as creating multiple accounts or using bots, are prohibited. We or our affiliates may terminate any or all of your points due to such activities, or for breaching any license granted by us, and may disclose privately and publicly why such action was taken. For more information, please refer to our Terms of Use.
Corn and Kernels
Corn announced that it will assign 13.4 Billion Kernels (points in its points program) to Babylon BTC stakers for the 45 day duration of this liquidity program, pro-rata based on amount staked. You can learn more about Kernels, eligibility and terms on the Corn app.
You can read about the program and the eligibility requirements here.
Conclusion
Becoming a BSN provides benefits that go beyond enhanced network security. We are excited to support Corn with this unique liquidity points program and look forward to further unlocking the power of BTC for Bitcoin Secured Networks.
The foregoing content is only provided as general information. You should undertake your own independent research and evaluation. You should not take, or refrain from taking, any action based on any such content. It is not an endorsement or recommendation of third-party wallet applications or devices, validator nodes, finality providers, proof of stake networks or protocols, tokens, or other digital assets.
